.@Aptos-based @Theo_Network $thBILL and @arbitrum Distribution Structure: Technical Feasibility Analysis This analysis objectively examines the technical feasibility of a tokenized treasury model that combines the native issuance structure of Aptos with the distribution infrastructure of Arbitrum. To conclude upfront, the structure itself is technically implementable, but the operational complexity and cost burden are significantly high. Currently, $thBILL is only deployed on Ethereum-based chains, and there are no confirmed cases of issuance or distribution on Aptos. As of December 2025, more than half of the total circulating supply is concentrated on Arbitrum, a chain that already has a wide range of DeFi use cases, including lending, derivatives, and automated market makers. In contrast, while Aptos has technical advantages such as fast finality and parallel execution, there is no verified record of tokenized treasury distribution or liquidity on the chain. The most significant technical feature of the proposed structure is the need to connect different virtual machine environments. To synchronize asset states on Aptos' Move-based system with Arbitrum's EVM environment, a bridge and messaging infrastructure are essential. This process incurs fees and delays, and such cross-chain transfers typically result in delays of several seconds to minutes and additional costs, introducing operational risks that do not exist in single-chain structures. From a security perspective, bridge dependency is identified as the most significant vulnerability. As seen in numerous major hacking incidents in the past, bridge vulnerabilities can directly lead to collateral integrity breaches. For assets like tokenized treasuries, where value stability is critical, this risk becomes a decisive factor in overall trust. In terms of compliance, the differing asset freezing mechanisms across chains present a practical limitation. Since Aptos and Arbitrum have different asset control mechanisms, regulatory measures cannot be simultaneously applied, potentially creating a short but non-negligible time lag. This can be a burden for treasury products, which require strict regulatory compliance. From a capital efficiency standpoint, the unique advantages of blockchain are evident. It is true that issuance and redemption can be processed almost in real-time and that the assets can be used as collateral without the constraints of traditional financial business hours. However, these benefits are largely offset by cross-chain costs and liquidity dispersion. In particular, for long-term investors, the added technical complexity does not translate into tangible benefits. In summary, while the structure combining Aptos-based issuance with Arbitrum distribution is technically feasible, it is difficult to conclude that it is efficient, given the current market conditions and existing liquidity distribution. A more realistic approach would be to establish a dominant position on a chain that already has concentrated liquidity and use cases, and then consider other chains as supplementary expansion options. This structure would offer limited competitive advantages only to DeFi institutional users who require high-frequency collateral movements and immediate execution.